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Beneficiary

A beneficiary receives the benefit, usually ownership of money or property in a trust or insurance agreement.

Expanded Definition

Being the beneficiary can be conditional depending on the document, or shared between people or even institutions like companies or charities. Also, you can be the beneficiary and also other things in the same document as well. For example, in a living trust, you might be both a settlor and a beneficiary.

Wills and trusts can work together, usually with a will granting parts or all of an estate to beneficiaries. One of those beneficiaries may be a trust, which then has it's own beneficiaries.

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